The paper deals with the increased intervention of States in the economy in a historical phase of de-globalisation and changing geopolitical balances. Tensions are arising in the relations between the European Union and the United States as a consequence of the approval of the Inflation Reduction Act in 2022, that encourages productive investments located in the United States, thereby altering competition. The paper dwells on the Italian “golden power” regulation that introduces public control that significantly affects freedom of enterprise. The paper ends with the hope that the increased intervention of the State will not frustrate the achievements of the regulatory State, established since the 1980s in Western countries.